Franco-Nevada says First Quantum finalized draft of Cobre Panama concession pact

Franco-Nevada (FNV) announced that it has been advised by its partner First Quantum Minerals (FQVLF) that First Quantum’s subsidiary, Minera Panama, S.A., has agreed and finalized the draft of a concession contract with the Government of Panama for the Cobre Panama mine. The proposed concession contract will have an initial 20-year term, with a 20-year extension option and additional extensions for the life of mine. The proposed concession contract is subject to a 30-day public consultation process and approvals by the Panamanian Cabinet, Comptroller General of the Republic and the National Assembly. The Panama Maritime Authority has confirmed that it will issue a resolution today for MPSA to resume concentrate loading operations at the Punta Rincon port. Ore processing is expected to resume and restore the mine to full production levels over the next several days.